Why does Naval emphasize that 'code and media are the most important forms of leverage'?

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Great, this is a very interesting question and captures the essence of Naval Ravikant's thinking. Let's discuss this in plain language.

To understand Naval's point, we first need to understand what leverage is.

Imagine using a crowbar to effortlessly lift a huge boulder you couldn't budge with your bare hands. That crowbar is your "leverage." In the context of personal development and wealth creation, leverage is a tool that allows your invested effort to yield disproportionately large returns. Your input is one unit, but the output could be ten, a hundred, or even ten thousand units.

According to Naval, there have been three main types of leverage throughout human history:

Labor Leverage: This is the oldest form. You become a boss and hire people to work towards your goals. Your output = what you do + what your employees do. But this lever has significant drawbacks: management is taxing, communication costs rise with more people, and you have to pay for each person's time.
Capital Leverage: This is using money to make money. You use a large sum to invest, build factories, or buy equipment. This was the core lever of the industrial age. The disadvantages are obvious: first, you need the money or must convince others to give it to you (e.g., finding venture capital). It requires "permission" – not everyone can use it.
Code & Media: This is the new-age lever Naval champions most highly.

Now, let's focus on why code and media are the most efficient and powerful levers.

The Core Reason: Zero Marginal Cost of Replication

It might sound a bit technical, but the meaning is simple: The cost to replicate one more copy of a product or service is almost zero.

This is the truly magical part of code and media.

1. Code (Code) - An "Army of Thinking" Robots

What it is: Code isn't just the symbols programmers write. It becomes the Apps, websites, software, games, or automated scripts we use. You can think of them as "digital products" or an "army of robots."
Why is it a top-tier lever?
- Create Once, Replicate Infinitely: A programmer spends six months developing an app. The cost to them for the first user to download it versus the one-millionth user to download it is almost nothing. They don't need to physically produce one million more "app units." Server costs are negligible compared to the value the app creates. Think about it: a baker must bake another real loaf for each one sold, with tangible costs. Software isn't like that.
- Works 24/7 for You: The code you write, the website you build, continues to serve users worldwide and make money for you while you sleep or vacation. It doesn't get tired, complain, or demand a raise.
- Permissionless: This is the biggest difference from "capital leverage." To learn programming, you generally only need a computer and the internet – no one needs to approve it. If you want to build a product, you can just start developing. You don't need to seek an investor's approval. This level of creative freedom is unprecedented.

For example: Zhang Xiaolong, the creator of WeChat, led a team in writing the "code" product that is WeChat. They only need to maintain and update this one core set of code to serve over a billion people in China. This is the power of the code lever – the effort of a few, amplified billions of times through code.

2. Media - Your Thought Amplifier

What it is: The articles you write, the podcasts you record, the videos you film, the tweets you post, the comics you draw... all of these are media. They are vehicles for your thoughts, knowledge, and personality.
Why is it a top-tier lever?
- Output Once, Distribute Infinitely: Again, there's "zero marginal cost of replication." I spend 10 hours writing an in-depth article. This article can be seen by 10 people or by 1 million people. For me, the time invested remains those 10 hours. But my influence can grow infinitely with distribution.
- Builds Your Personal Brand: When you consistently output valuable content, you build your "personal brand" and "credentials." Even if you're relatively unknown, your content "travels" across the internet on its own, attracting like-minded followers, potential collaborators, and clients. It "networks" for you while you sleep.
- Permissionless: Just like code, if you want to be a Bilibili UP creator, answer questions on Quora, or start your own podcast, you typically just need a phone or computer. You don't need approval from a TV station or publisher. The traditional media "gatekeepers" are gone; everyone has their own "TV station" and "publishing house."

For example: Li Ziqi's videos. She (and a small team) produce content in rural Sichuan. But through platforms like YouTube (media), her lifestyle and aesthetic can be seen by tens of millions worldwide. She doesn't need to go through CCTV or Hollywood – she built global influence using her own media content.

To Summarize

Naval says code and media are the most efficient levers because they perfectly combine these characteristics:

Extreme Scalability: Almost zero marginal cost of replication allows your product or ideas to serve countless people.
Permissionless: The barrier to creation is extremely low, putting power back into the hands of the individual.
Automation & Permanence: They can work for you 24/7, creating value and influence non-stop.

In the past, to move the world, you needed power (managing people) or money (investing). Today, you just need a laptop. Use code to build tools and media to spread ideas. A single individual now has the potential to open up massive opportunities and create a business and wealth of their own.

This is why Naval said: "In the new era, either code or media." Because they are the most powerful levers accessible to ordinary people.